Manufactured Homes (Mobile Home)

Home has a chassis, transported to the site, initially registered as a vehicle until placed on a permanent foundation and taxed as real property

Government Mortgages (FHA & VA)

  • 30, 20, or 15 year fixed rate.
  • 620 minimum credit score.
  • Not permitted on housing loans.
  • Must be a multi-width unit, no single width homes allowed.
  • May not be in a leasehold estate; in a “Park".
  • Home must have been permanently affixed for a minimum of 12 months.
  • HUD Certification Label required.
  • Escrow hold backs are not allowed.
  • Cannot be in a flood zone.
  • A current structural engineer report is required.
  • Down Payment Assistance programs are not allowed.
  • Max DTI 45% on FICO 620-659 with Approval
  • Max DTI 31/43 on manual underwrite with FICO score 620-639.

conventional

  • 30 or 15 year fixed rate.
  • 660 minimum credit score.  All borrowers must have a Credit score.  
  • Purchase or Limited Rate & Term Refinance
  • Purpose:  Owner Occupied & Second Home.
  • 20% down payment.  Borrower must make 5% minimum contribution from their own funds. After the minimum borrower contribution, gifts can be used to supplement down payment, closing costs, and reserves.
  • Non-occupying Co-borrower not allowed
  • Minimum 12' wide and 600+ square feet gross living area, no single width homes allowed.
  • Max 45% DTI.
  • Escrow holdback not permitted.
  • Both HUD Certification Label and HUD Data Plate must be present and legible.
  • Borrowers collectively may not own or be obligated on more than six, 1-4 unit financed properties (including principal residence) if loan is secured by second home.
  • Manufactured Home:
    • Permanently affixed for minimum of 12 months, unless borrower is the second purchaser of the property.
    • If installed or occupied previously at any other site or location, home is ineligible.
    • Built on or after June 15, 1976.
    • The anchoring system must comply with HUD Codes.
  • An engineer report required if home was installed prior to October 20, 2008.  
  • Any structural modifications to an existing Manufactured Home must be approved by a licensed professional engineer or the local, State or federal authority.
  • Must have a pitched roof and assume the characteristics of site-built housing, including permanent utilities.
  • Must be a one-family dwelling that is legally classified as real property, and taxed as real estate by local taxing authority.
  • The towing hitch, wheels, and axels must be removed (including tongues, axles, brakes, wheels, and lights) and the dwelling must assume the characteristics of site built housing, permanently affixed to a permanent foundation.
  • The land on which the manufactured home is situated must be owned by the borrower in fee simple. Leasehold estates or within condominium projects are not eligible.
  • Must be permanently connected to a septic tank or sewage system and to other utilities (including power and water) in accordance with HUD codes
  • A mortgage/deed of trust must be recorded in the land records and must identify the encumbered property as including both the home and the land. It must also include the VIN, Serial numbers from HUD Data Plate of the manufactured home along with the description of the land.
  • Appraisal Report required.  At least two comparable sales used in the appraisal must be similar permanently attached manufactured housing units.

Guidelines change frequently, therefore, we do not guarantee accuracy.  Above is provided as a reference, to be confirmed with our team. Subject to change without notice.